Are you hoping to get on the property ladder now or in the near future but struggling to get a large enough deposit together? Shared ownership could help you take your first step up and allow you to buy a new home that you would have otherwise been unable to afford on the open market.
Settle are currently offering initial shares of between 40-75% on all new shared ownership 1 bedroom apartments and 2 & 3 bedroom homes at Meridian Gate in Royston. Available to move into from early 2020.
Not just for first time buyers, these homes will also suit those who have previously owned a home, and have some equity available, but not quite enough to get back onto the housing ladder.
3 bedroom home example based on a 40% share of the full market value:
Full market value: £372,500
40% share: £149,000
Minimum deposit needed: £7,450
Monthly costs including mortgage payments, rent and service charges: £1,159*
*Mortgage payment is based on a 30 year mortgage term at a rate of 3.19% with a 5% deposit. Your rent is subject to annual increases based on RPI. Service charges are estimated for the first year and you will require a minimum of £2000 to cover moving costs, legal fees and mortgage fees.
There is also the opportunity to eventually buy 100% of the home through staircasing, which allows you to buy additional shares.
Open day at Meridian Gate
Saturday 25th January 2020 from 10am – 2pm. A financial advisor will be available on the day. Find us at Meridian Gate, Royston